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By CNBCTV18.com IST (Published)
Under this partnership, borrowers can avail personal loans up to Rs 20 lakh with a tenure of up to 72 months on Navi app. To drive convenience, Navi will enable a completely digital onboarding process with minimum documentation and flexible repayment methods.
Navi Group, a technology-driven financial products and services company- on Tuesday announced a partnership with Piramal Capital & Housing Finance Ltd., herein referred to as Piramal Finance, to offer ‘Digital Personal Loan’ to customers across Bharat.
Piramal Capital & Housing Finance Ltd. is a wholly owned subsidiary of Piramal Enterprises Limited and an established financial services company in India.
Under this partnership, borrowers can avail personal loans up to Rs 20 lakh with a tenure of up to 72 months on Navi app. To drive convenience, Navi will enable a completely digital onboarding process with minimum documentation and flexible repayment methods.
This partnership will expand Navi’s lending platform capabilities, supported by Piramal Finance’s home-grown technology as well as its deep footprint in 11,000+ pin codes pan-India. Under the co-lending partnership agreement, Navi will originate and process the personal loans based on mutually aligned credit parameters and eligibility criteria.
Piramal Finance will fund 80 percent of the loan generated by the co-lending arrangement while the remaining 20 percent will be funded by Navi Finserv (NBFC, wholly owned subsidiary of Navi Technologies).
How borrowers can avail loans on the Navi Mobile App:
Step 1:
Click on ‘Avail Loan’ on the Navi mobile app home screen
Step 2: Fill in personal information and other details
Step 3: See the offer generated – loan amount, tenure, ROI and complete KYC
Step 4: Select the offer as per requirement and set up the repayment facility (NACH)
Step 5: Digitally sign the co-lending agreement, and the loan is disbursed with seconds.
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